The obligation of all contractors is to make basic financial reports: balance sheet, calculation of profit and loss, reports of flow of cash, report on changing of principal and notes with financial reports. Disclosure of accounting policies is obligation for all contractors that make financial reports to show the applied accounting policy and their possible alteration. The accounting policies are said in the financial reports of the company or in the notes to the financial reports.
The accounting policies include the principles, bases, conventions, rules and procedures adopted by management in the preparation and presentation of financial statements.
The company Fibis prepares financial statements in accordance with the Croatian Accounting Law, and its accounting policies disclosed. This company is used from 2010 to 2014 the accounting policies in positions of income, expenses and capital in accordance with the Croatian Financial Reporting Standards. The accounting policies didn’t change in 5 years.